Legal Underpining of Business Law

In: Business and Management

Submitted By gvaughnwright
Words 1006
Pages 5
Legal Underpinning of Business Law Gregory Wright BUS 670 Legal Environment Andrew Stave Monday April 15, 2013

In this paper I will discuss business structure and organization and how liability differs between each organizational form. My business Tinker’s Home Security Service is being sued by one of my clients for breach of contract. The lawsuit derives from the fact that one of our clients’ property was burglarized and they are stating that we failed to dispatch authorities to their property after the alarm had been triggered. There are different ramifications depending upon how I chose to structure this business and in the next section I will briefly discuss each of them.

The various forms of organization are established by state law. There are a wide variety of business organizations recognized by the states. For example, a popular form of organization is the Limited Liability Company (LLC). The LLC is a state designation. At the federal level, an LLC is considered a partnership. If the LLC so chooses, it can be request to be considered as a corporation at the federal level. There a total of six forms of business organizations;

Sole proprietors are unincorporated businesses. They are also called independent contractors, consultants, or freelancers. There are no forms you need to fill out to start this type of business. The only thing you need to do is report your business income and expenses on your Form 1040 Schedule C. This is the easiest form of business to set up, and the easiest to dissolve. (An LLC with only a single shareholder, a so-called single-member LLC, is taxed as a sole proprietor on a Schedule C.)

Corporations are incorporated businesses. Every…...

Similar Documents

Legal Forms of Business Law 531

...Legal Forms of Business When considering the preferred legal form of business, it comes down to the level of liability, the size of the business and the number of owners or shareholders that will be involved. It is important to consider that with the increased size of a business and the increase in the number of owners, the decision-making process becomes more complex. The level of liability for the owners decreases as the owners no longer are liable for the losses and gains of the business within larger legal forms of business. Of the legal forms of business; sole proprietorship, partnership, limited liability partnership, limited liability company, S corporation, franchise, and corporate; some businesses may only qualify to be classified as one or two of the legal forms of business, making the decision easier for the owners to choose. Sole proprietorship: A sole proprietorship is a for-profit business owned by one person who may operate the business alone or employ others. The sole proprietor of the business is responsible for assets, losses, and debts. There is also no legal distinction between the sole proprietor and the business (Cheeseman, 2012). A small business, such as a coffee shop would be a prime candidate for a sole proprietorship. The owner could run the coffee shop alone or employ others to operate the business. A sole proprietorship can be more difficult to raise long-term capital for, because of unlimited liability and that the business......

Words: 1019 - Pages: 5

Business Ethics & Legal Issues- Antitrust Laws

...without the costs that still have to be paid out by the company and therefore back to the shareholders. By styming such rights, the manufacturer has a longer time to turn a profit, but more importantly, get the original investment back from the current users of the drug. What types of legal barriers to market entry exist? Research and development (patents--both as patent creation and then patent prosecution and protection) Costs Marketing streams (such as agreements with doctors, pharmacies, and hospitals to promote or utilize the drugs, and then making sure that the doctors legally and properly utilize the drugs) Significant legal barrier What are the possible ethical dilemmas present in this example? There are possible issues here with trade agreements, which are illegal under the Sherman AntiTrust Act. Also, there is an issue with costs--since companies are directly refusing to compete, the buyers lose out and as such an unfair agreement has taken place.Dimitry Alexander Kaplun40281.1716250347 Expert Type | Attorney | Category:  | Business Law | Pos. Feedback:  | 98.5 % | Accepts:  | 1005 | Answered:  | 4/13/2010 | Experience: Run my own successful business/contract law practice Ask this Expert a Question > Customer replied1177 days and 7 hours ago. Alexander Hi!!! Thank you for the answer. could you give me the reference you have used please!!! Thanks Expert:  Dimitry Esquire replied1177 days and 7 hours ago. Sure thing, I will......

Words: 908 - Pages: 4

Legal Underpinnings of Business Law

...organization with motivated workers that are committed to the success of the organization and the development of themselves individually. The assumption can never be made that any step in the process of a successful transition can be avoided or overlooked without the full realization that such actions could significantly affect the progression of the department or the organization as a whole. References Dessler, G. (2011). A framework for human resource management (6th ed.). Upper Saddle River, NJ: Prentice Hall. ISBN: 9780132556378 Gatewood, R.D., and H.S. Field. Human Resource Selection. 5th ed. Fort Worth, TX: Dryden Press, 2001. Greenwald, J. (2007). EEOC move may signal more scrutiny of employment tests. Business Insurance, 41(52), 4-4, 20. Retrieved from Hyder, A.S., & Mikael Lovblad. (2007). The repatriation process - a realistic approach. Career Development International, 12(3), 264-281. Johnson, P. (2011). The future of job evaluation-understanding and measuring work. Journal of Compensation and Benefits, 27(2), 32. Retrieved from Noe, R. (2010). Employee training and development (5th ed.). New York: McGraw-Hill Irwin. Rafaeli, A., Hadomi, O., & Simons, T. (2005). Recruiting through advertising or employee referrals: Costs, yields, and the effects of geographic focus. European Journal of Work and......

Words: 2820 - Pages: 12

Legal Law

...Electronic Surveillance of Employees Assignment # 1 By Diara Freeman Law Ethics and Corporate Governance Professor Michael Green April 23, 2011 Electronic Surveillance of Employees Explain where an employee can reasonably expect to have privacy in the workplace. The issue of privacy is a big concern in the workplace. With the expanding of new technology, many employees are concerned that their privacy rights are not being protected.   Employers want to be sure their employees are doing a good job, but employees don't want their every sneeze or trip to the water cooler logged. That's the essential conflict of workplace monitoring. New technologies make it possible for employers to monitor many aspects of their employees' jobs, especially on telephones, computer terminals, through electronic and voice mail, and when employees are using the Internet. Such monitoring is virtually unregulated. Therefore, unless company policy specifically states otherwise (and even this is not assured), your employer may listen, watch and read most of your workplace communications. (Harlow, 1999) When an employee is hired at a new company, there are several security measures that are already in place in order to keep their personal information private and/or confidential.   The first being in the Human Resources Department where all the information is gathered by the employee filling out various forms of that are confidential in nature.   This information is kept......

Words: 1221 - Pages: 5

Law/531 Business Law

...Week 3 Individual Assignment Luis A. Campudoni LAW/531 Business Law Prof. Marlene Wilhite February 19, 2010 Legal Issues in Contract Fulfillment Agreements are a hot and critical topic in business agreements today. How do entities engaging in business contracts conclude in a consensus of the clauses, terms, and expectations of the project seem to fail at times due to expected and / or unexpected factors. This seems to be the case of the business contract between Span Systems and Citizen-Schwarz AG (C-S) where performance and deadline problems have emerged and is presenting a risk to the project status. Due to these factors C-S is now considering closing the contract with Span Systems terminating the project as it is. This request presents certain legal aspects that need to be considered before proceeding to minimize losses from both parties. In order to determine the proper path to follow I have provided a summarized analysis on the identification of problems, actions to avoid risks, legal principles in favor, and the recommendation of a final solution below. Situation: a) C-S is requesting Span Systems to conclude operations immediately due to poor quality on delivered project results so far and because Span Systems has not been able to stay on agreed schedule. b) Span Systems states that the approval and review process from C-S for the project was to extent because of an internal change in the project management structure from C-S’s part. As a result of......

Words: 1512 - Pages: 7

Legal Business

...persons who commit crimes that harm businesses. 3. Apply consumer protection law to a business situation. Introduction This week focuses on study of torts, criminal law, and consumer protection law (specifically, product liability). These are each different substantive areas of law that are relevant to business and business persons. Students will distinguish between criminal law and torts, including negligence and intentional torts. Students will also compare the differences between corporations that commit crimes and persons who commit crimes that harm businesses, and they will take a position regarding which presents the greatest threat to civil society, using current events to support their positions. In addition, students will also consider product liability arising from poorly regulated imports, and the impact of potential liability on U.S. companies. Students will also consider product recalls as a preemptory measure to mitigation liability. Students will identify and discuss the elements of negligence and a consumer protection statute. By the end of Week Two, students should understand the difference between crimes and torts, between negligence and intentional torts, and how the issue of product liability impacts businesses and consumers. Required Resources Required Text 1. Please read the following chapters in: Business Law for Managers: a. Chapter 6: Criminal Law b. Chapter 7: Intentional Torts c. Chapter 8: Negligence and......

Words: 924 - Pages: 4

Business Law Legal Pleading Terms

...Legal Pleading Terms 1. Bill of complaint- states the vital statistics, called the jurisdictional facts and states the conduct, which forms the grounds for the divorce to be granted. It also covers certain technical matters and asks the court for anything you might want. 2. Motion for judgment- as a matter of law is a request asking the court to enter judgment as a matter of law. 3. Answer- in law, a written pleading filed by a defendant to respond to a complaint in a lawsuit filed and served upon that defendant. 4. Grounds of defense - a document that requires the Plaintiff to spell out exactly what the Defendant has supposedly done wrong. 5. Demurrer- challenges the sufficiency of a claim for affirmative relief, and can address misjoined claims, lack of subject matter jurisdiction, and most importantly a failure to state a cause of action through a failure to allege some fact, which is necessary for the claim to prevail. (Document that makes an objection) 6. Motion for a Bill of particulars- detailed, formal, written statement of charges or claims by a plaintiff or the prosecutor given upon the defendant's formal request to the court for more detailed information. 7. Request for production of Documents- A Request for Production of Documents, or RPD, is used in discovery as a formal way for one party to ask another party to hand over copies of any evidence in the form of documents related to the case. 8. Interrogatories- written questions used in......

Words: 818 - Pages: 4

Legal and Business

...Mathis products. Mathis discovers that Normandale is selling counterfeit products, and sends several cease-and-desist letters to them—to no avail. Mathis then sues Normandale alleging Normandale has engaged in illegal conduct. Normandale counters that it did nothing wrong. Research business law in regard to protection of intellectual property using your textbook, the Argosy University online library resources, and the Internet. Based on the facts of the case and research, write an analytical paper. In the paper, respond to the following questions: •Was it ethical for Normandale to sell the alleged knock-off products at a lower price? Explain. •What federal or state laws protect owners of intellectual property? How do they apply here? Explain. •What damages, if any, has Mathis suffered because of Normandale’s conduct? Explain. •What are the differing views on the social responsibility of corporations like Normandale? •What ethical code could Normandale implement to prevent similar incidents in the future? •Do the owners of Normandale have personal liability to Mathis for damages? Explain. •Do the owners of Normandale have personal criminal liability for their conduct and that of the business? Explain....

Words: 321 - Pages: 2

Law Business

...Formation Of A Legal Firm Name: Institutional Affiliation: Date: In the current century, it is evident that numerous changes have been observed in the law firm business. The traditional law firm practice model has as a result been passed by time and firms or any person attempting this model have always found themselves struggling in this dynamic market. The traditional law practice has also been marked by constant consternation as the law firm does not produce good results. The incorporation of the new law firm practice model is evidenced by the rising number of law firms over the years. This means that to start a firm in the 21st century, then you definitely have to use the business models applicable in the current century and not the ones that were used in the 19th century. With these, it follows that successful lawyers are those who have changed their modus operandi and embraced the latest legal practices, something that my friends and I would use to establish a successful law firm. The turning point in the establishment of the modern law practices came about as a result of the high court decision by the U.S Supreme Court (Bates & O'steen V. State Bar of Arizona, 1977) in (Munneke, 2012, p. 4). It is worthwhile noting that the success in the Law firm requires a proper identification of a legal niche to practice in. According to Munneke (2012), the competition that the law practice faces from other professionals necessitates the careful niche......

Words: 4650 - Pages: 19

Hospitality Law and Legal Issues

...applicant, employment recruitment and selection can only be based on a potential candidate's ability to perform assigned tasks, the level of experience, and the quality of skills the job applicant possess. It is illegal for an employer to discriminate in both the selection process and also in setting the terms and conditions of employment. Discrimination in the selection process can involve these common discriminations: race, religion, ethnicity, color, or sex ("Discrimination in the Selection Process”). Employers have free choice in hiring employees, but they are not free to unlawfully discriminate against people in their employment selection. The employment discrimination laws were established to protect certain classes of people from unfair or exclusionary hiring practices. The Anti-Discrimination laws in relation to employment are traced back to the Civil Rights Act of 1964, with Title VII. This act prohibits discrimination in all matters of employment from recruitment through discharge ("The Impact of Discrimination Legislation”). In 1967, the Age Discrimination in Employment Act was introduced. The act protects both job applicants and employees who are 40years or older from employment discrimination. The ADEA protects the older job seekers and employees who may be discriminated because of their age in every degree of employment from hiring, promotions, job assignments and firing ("The Impact of Discrimination Legislation”). Age discrimination can be as evident as......

Words: 1749 - Pages: 7

Legal Ethical and Political Dimension of a Business Law

...Homework Help – GM520. Here is an example to get you started on the Week 2 Homework: 1. State the administrative agency which controls the regulation. Explain why this agency and your proposed regulation interests you (briefly). Will this proposed regulation affect you or the business in which you are working? If so, how? Submit a copy of the proposed regulation along with your responses to these five questions. The proposed regulation can be submitted as either a separate Word document (.doc) or Adobe file (.pdf). This means you will submit two attachments to the Week 2 Dropbox: (1) a Word doc with the questions and your answers and (2) a copy of the proposed regulation you used for this assignment. (10 points) The Department of Health and Human Services; the Food and Drug Administration is the agency which controls this regulation. The topic that will be discussed is the information required in prior notice of imported food. This interests me greatly because I majored in Hospitality manangement for my Undergraduate degree with the aspirations of someday opening a restaurant. This topic deals with what is needed to import food from abroad, and this will greatly impact my restaurant when I open my business. 2. Describe the proposal/change. (10 points) The proposal requires additional fundamentals of information submitting prior notice to imported food, including food for animals, to report the name of any country in which the article has been denied entry. This......

Words: 519 - Pages: 3

Law and Legal

...Group Discussion Leader Chapters 14 & 15 Notes: Age of Majority- when a person is no longer a minor (18 years) Emancipation- when a child’s parent or legal guardian surrenders the right to have control over the child. ** a minor can enter into any contract that an adult can, except contracts prohibited by the law …. Aka purchase of tobacco or alcoholic beverages** Disaffirmance- legal avoidance of a contractual obligation > must be within a reasonable time reasonable time can vary > minors obligations on disaffirmance exceptions: - misrepresentation of age (claiming to be 21 when not) -contracts for necessaries (standard of living) ------------------------------------------------- Parents Liability: not liable for contracts made by a minor acting on their own Intoxication: if the person is extremely intoxicated the agreement may be voidable, but if they understand the consequences of the agreement, the contract will be enforceable ------------------------------------------------- Mentally Incompetent: Void-> court has declared a person to be mentally incompetent and has appointed a legal guardian Voidable-> court did not declare metal incompetency but the person lacks the ability to comprehend the subject matter/consequences (that person can void it ) Valid-> court has not declared a person mentally incompetent and the person does understand ......

Words: 292 - Pages: 2

Legal Areas of Canadian Law

...summary of the four Legal Areas of Canadian Law which affect recruitment & selection. * Identify the protected groups with regards to discrimination. * ------------------------------------------------- Provide at least one example of acceptable discrimination. ------------------------------------------------- During the recruiting and selection process, it’s important to be aware of certain legal issues in order to avoid risk. It is the responsibility of the human resource manager to make sure that all the policies and rules take legal aspects into account. The legal aspects of human resource management play a significant role in strategic planning and decision making. There are 4 major types of legislation that affects employment practices recruitment and selection: * Constitutional Law (Nationwide) * Human Rights Legislation (in ON, there are Ontario human rights commission) * Employment Equity * Labour Laws (including unions as an extension) 1) Constitutional Law (Nationwide): Constitutional Law is the supreme law of Canada. It consists of series of acts and orders passed in 1867 by the British and Canadian Parliaments. It has precedence impact on employment practices and all other legal means. The Canadian Charter of Rights and Freedom was passed in 1982. It is the part of the Constitution of Canada; because of this, the Charter is a very powerful document. However in a practical matter, the constitutional law does not......

Words: 1325 - Pages: 6

Business Law

...------------------------------------------------- Law and Legal Reasoning ------------------------------------------------- N.B.: TYPE indicates that a question is new, modified, or unchanged, as follows. N A question new to this edition of the Test Bank. + A question modified from the previous edition of the Test Bank. = A question included in the previous edition of the Test Bank. | TRUE/FALSE QUESTIONS B1. Laws and government regulations affect almost all business activities. ANSWER: T PAGE: 2 TYPE: N BUSPROG: Analytic AICPA: BB-Legal B2. The U.S. Constitution is the basis of all law in the United States. ANSWER: T PAGE: 4 TYPE: + BUSPROG: Analytic AICPA: BB-Legal B3. The U.S. Constitution reserves to the federal government all powers not granted to the states. ANSWER: F PAGE: 4 TYPE: N BUSPROG: Analytic AICPA: BB-Critical Thinking B4. The Uniform Commercial Code has been adopted in all fifty states. ANSWER: T PAGE: 5 TYPE: + BUSPROG: Reflective AICPA: BB-Critical Thinking B5. Federal agency regulations take precedence over conflicting state agency regulations. ANSWER: T PAGE: 5 TYPE: + BUSPROG: Analytic AICPA: BB-Legal B6. Common......

Words: 2244 - Pages: 9

Law Legal Entities

...has set up a business on his own and works as a self-employer. He has the right to make all business decisions and owns all assets of the company (Mavrikakis: Watson, 2011/2012:4). ‘A sole trader has independent control of the business and any profit made is his/hers.’ (Adams, 2008:411). He has all liability for any debts the company may face and is also responsible for paying income tax on all income the business takes. Setting up a business is easy for a sole trader and no formal steps need to be taken except for registering with HMRC for tax purposes and if their annual income exceeds the threshold of £67000 they must also register for VAT. However setting up a business as a self-employer, Peter would have to provide the capital to commence the business which could potentially need a loan from the bank secured by security on premises on a fixed charge. Peter would solely be reliable for all debts; and this could lead to him becoming bankrupt by creditors. (McLaughlin 2009:39) expresses a sole trader cannot be an employee of his own business as he cannot create a contract with himself; this means he has minimum chances of reducing his tax ability. However he can set up a contract with other individuals whom, he wants to employee. As an employer he is liable if any events occurred endangering his employees hence is able to be sued. ‘All assets a sole trader owns are available to pay the judgement debts if he were sued’ (McLaughlin 2009:39.) Setting up a business as a sole......

Words: 890 - Pages: 4

Thor #79 (2004) 1St Printing Bagged Boarded Marvel Comics | Cheap Custom Essays | Radha Krishn